Nifty ends below 10,000, down 1% amid trade war fears, Sensex slips 410 pts

Catch all the market action here.

4:15 PM

MARKET COMMENT Mayuresh Joshi, Fund Manager, Angel Broking

Trade war is expected to trigger a slowdown in industrial investments and also in output. That is what is putting pressure on world markets. If the Nifty cracking below the 10,000 mark is any indication, then the Indian markets are surely sufficiently worried.

4:10 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

Nifty fell sharply today and breached its crucial support at 10000, pressurized by weak global cues. The escalation of trade war between the US and China triggered selling pressure across the global including ours. After the gap down start, Nifty remained sideways and failed to see any significant recovery. The decline was broad-based wherein Realty and PSU banking counters were the top losers for the second consecutive session.

 

Earlier we're struggling with our own issues and pressure from the global front has worsened the situation. Besides, the breakdown of major psychological support at 10000 will further add to the worries. Traders have no option but to stay with the trend and use bounce to create fresh shorts. Nifty has next support at 9900.

4:08 PM

MARKET COMMENT Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan

 

The Nifty has slipped significantly from the all time high of 11,171 registered in January this year. On the way down it has broken certain crucial supports & today another major support i.e. the psychological mark of 10,000 gets added to the list. This shows that the bears are clearly having upper hand on the index. 

 

During the course of the fall since January, each attempt to form pullback fizzled out near the crucial daily moving averages, which have attracted fresh round of selling each time. The recent bounce that lasted for couple of sessions couldn’t even reach those averages thus highlighting the bearish momentum. The same is evident from the momentum indicators as well; as the number of momentum indicators on various time frames are in sync with the bearish price action & are suggesting that the fall is far from over. 

 

In terms of Elliott Wave Theory, Nifty is witnessing wave extension on the downside, which means further downside over next few sessions. On the downside 9,830-9,800 will now be the initial area to watch out for with potential to slide down to 9,600 in the medium term. On the other hand, 10100-10230 shall act as a key hurdle zone.

3:45 PM

Nifty Bank index slips to a 9-month low, ends 1.95% down. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
YES BANK	286.65	298.25	-11.60	-3.89	21616971
CANARA BANK	244.75	254.65	-9.90	-3.89	6281487
AXIS BANK	499.50	518.20	-18.70	-3.61	29385012
PUNJAB NATL.BANK	93.15	96.55	-3.40	-3.52	23072291
ST BK OF INDIA	234.80	241.55	-6.75	-2.79	27145286

3:42 PM

Nifty Metal index cracks 2.90%. Top losers: 

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
S A I L	68.70	73.70	-5.00	-6.78	29845011
JINDAL STAIN .HI	155.30	165.40	-10.10	-6.11	992006
VEDANTA	276.00	291.80	-15.80	-5.41	13284893
JINDAL STEEL	213.75	224.90	-11.15	-4.96	19679234
HINDALCO INDS.	206.10	216.80	-10.70	-4.94	12818084

3:39 PM

Sectoral Trend

3:37 PM

BSE Sensex: Axis Bank, Yes Bank, ICICI Bank, SBI among top losers

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 32,597, down 410 points while the broader Nifty50 index settled at 9,998, down 117 points.

3:22 PM

Gitanjali Gems falls below face value at Rs 9.65; tanks 85% in six weeks

Gitanjali Gems is locked in lower circuit of 5% at Rs 9.65, and has slipped below its face value of Rs 10 on the BSE. The stock is trading at fresh record low, down for the 26th straight sessions.

 

It has lost as much as 85% from Rs 62.85, since February 14, the day the Punjab National Bank (PNB) fraud came to light. READ MORE

3:11 PM

Union Bank of India shares slump after lender makes fraud complaint

Union Bank of India Ltd shares fell to a more-than 11-year low on Friday after federal police registered a case against a private company for allegedly cheating eight lenders, including Union Bank, out of 13.94 billion rupees ($214 million).

 

The Central Bureau of Investigation (CBI) registered the case against Hyderabad-based Totem Infrastructure and directors after a complaint from Union Bank, which the CBI said had been cheated out of about 3.14 billion rupees. READ MORE

2:55 PM

Gold Update

Gold prices rose to a two-week high on a softer dollar as investors scurried to safety after US President Donald Trump took a step towards long-promised anti-China tariffs, stoking fears of a global trade war.

 

US gold futures for April delivery rose 1.12 per cent to $1,342.30 per ounce.

2:43 PM

Europe Trade

European equities traded lower , as heightened fears of a global trade war shook stock and currency markets.

 

The pan-European Stoxx 600 was down around 0.82 per cent, with almost all sectors and major bourses in negative territory.

2:30 PM

HDFC valuations indicate upside for stock: Listing of biz units is positive

 

While investor sentiment is down on public sector banks (PSBs) and some private corporate lenders, there are others which are expected to continue creating value for its shareholders. Housing Development Finance Corporation (HDFC) is one such.

 

The HDFC stock has gained about 30 per cent over the past year as compared to PSBs on the Nifty, down 13.5 per cent; private corporate lenders have gained 15.3 per cent. After reporting a strong set of numbers in October-December 2017 (Q3, see table), a sum-of-the-parts (SOTP) valuation of the company looks attractive. READ MORE

2:15 PM

Market Check

 

S&P BSE Sensex	32,632.89		-1.13%
Nifty 50	9,991.65		-1.22%
S&P BSE 200	4,369.56		-1.21%
Nifty 500	8,782.30		-1.37%
S&P BSE Mid-Cap	15,642.88		-1.68%
S&P BSE Small-Cap	16,746.13		-1.86%

2:03 PM

NSE is back in race to buy 25% stake in the Dhaka Stock Exchange

The National Stock Exchange (NSE) is back in the race to buy 25 per cent stake in the Dhaka Stock Exchange (DSE), after the Bangladesh Securities and Exchange Commission (BSEC) rejected an application by a consortium of Chinese exchanges. Sources say the NSE plans to participate in a new bidding process.

The Chinese consortium had offered to pay $119 million for the 25 per cent stake in the DSE, against the NSE’s bid of $87 million. READ MORE

1:45 PM

'Client concentration' prompts curbs on stocks, says exchanges

Leading bourses BSE and National Stock Exchange (NSE) said “client concentration” was among the why they had imposed trading restrictions on stocks. On Wednesday, both BSE and NSE had imposed an “additional surveillance measure (ASM)” on 20 stocks. Under this, a stock is only allowed to move in a price band of five per cent. Additionally, trading members have to provide 100 per cent margins for dealing in these stocks. The list of stocks under ASM includes Vakrangee, Bombay Rayon Fashions, FCS Software Solutions and Gitanjali Gems. The move took traders by surprise.  READ MORE

1:33 PM

BSE500 Volume Toppers:

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)	VALUE (  CR)	VOLUME
REL. COMM.	23.30	23.45	22.00	-0.55	-2.31	15.44	6815302
JP ASSOCIATES	17.10	17.60	16.70	-1.00	-5.52	10.99	6403195
HIND.CONSTRUCT.	24.55	25.30	21.80	0.65	2.72	14.07	5861415
UNITECH	5.74	5.84	5.63	-0.22	-3.69	2.15	3749102
SUZLON ENERGY	10.86	10.99	10.75	-0.36	-3.21	3.67	3372485

1:17 PM

BSE Smallcap top losers: 

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
63 MOONS TECH.	87.35	97.15	-9.80	-10.09	407632
TPL PLASTECH	447.80	495.60	-47.80	-9.64	176174
ADF FOODS	198.00	215.35	-17.35	-8.06	107562
DIAMOND POWER	8.77	9.52	-0.75	-7.88	231210
JBF INDS.	96.00	103.80	-7.80	-7.51	26469

1:01 PM

Infosys nudges higher after investment in firm

Infosys rose 0.67% to Rs 1,166.55 on BSE after the company announced that it has made a follow-on investment of US$ 1.5 million in a data science firm. The announcement was made after market hours on Thursday, 22 March 2018. READ MORE

12:46 PM

Investors lose Rs 18 trillion in two months; SBI lose Rs 727 billion

Investors have lost a whopping amount of Rs 18 trillion in the stock market in past two months with Rs 2.3 trillion being wiped out in Friday’s trade so far, amidst a global sell off over concerns related to a trade war between the US and China.

The S&P BSE Sensex and Nifty 50 index were down 1.4% today, falling 10% in past two months. Total investor wealth, measured in terms of cumulative market value of all listed stocks on BSE, fell by Rs 18 trillion during the period to Rs 138.56 trillion READ MORE

12:30 PM

MCX launches futures trading in brass for the first time globally

Multi Commodity Exchange of India (MCX) on Monday launched futures trading in brass for the first time globally, which will facilitate brass stakeholders to hedge their price risk.

 

The countrys largest commodity exchange will commence futures trading in brass on March 26 and will offer three contracts ending in April, May and June for trading, with a lot size of one tonne. READ MORE

12:15 PM

L&T Technology Services gain on multi-million dollar deal from Covestro

L&T Technology Services (LTTS) was trading 2% higher at Rs 1,206 on the BSE in an otherwise weak market after company announced that the German chemical major Covestro awards LTTS multi-million dollar Engineering and R&D (ER&D) project. READ MORE

12:00 PM

Markets at Noon

 

S&P BSE Sensex	32,504.02		-1.52%
Nifty 50	9,971.45		-1.42%
S&P BSE 200	4,351.57		-1.61%
Nifty 500	8,762.90		-1.58%
S&P BSE Mid-Cap	15,587.23		-2.03%
S&P BSE Small-Cap	16,679.33		-2.26%

11:46 AM

NEWS WATCH Insolvency resolution: Tata Steel wins bid to acquire Bhushan Steel

India's Tata Steel Ltd said on Friday it had been selected as the successful resolution applicant for buying debt-laden Bhushan Steel Ltd.
 

The Committee of Creditors of Bhushan Steel had on Thursday declared salt-to-software conglomerate Tata Group's steel business as the successful resolution applicant, subject to obtaining necessary regulatory approvals, Tata Steel said in a stock exchange filing. READ MORE

Tata Steel stock quote:

11:30 AM

VIEW ON MARKET

 

Indian equity markets reacted negatively today, in-line with global markets. With US imposing fresh tariff targeted China, there is an increasing fear of a trade war which could impact economic growth. Markets are expected to remain volatile ahead of F&O expiry next week, as well as end of Indian financial year (last week before the LTCG tax kicks in). While traders should remain cautious, decline in good fundamental stocks would offer buying opportunities for long term investors

 

(By Siddhartha Khemka,VP - Head of Research (Retail), MOFSL)

11:16 AM

10 years of banking sector: Pvt sector gains at cost of public sector banks

 

Soon after the credit crisis erupted in 2008-09, there was a sigh of relief that the Indian banking system was safe, thanks to the regulator debarring lenders from investing in toxic collateralised debt obligations (CDOs) or its derivative credit-default swaps (CDS). Indian companies seemed to be healthy, and a consensus was building up that India was decoupled from the global crisis. READ MORE

11:00 AM

Bharat Dynamics makes weak debut; lists 16% below issue price

Bharat Dynamics made a weak debut by listing at Rs 360, a 16% below against its issue price of Rs 428 per share on the BSE. On the National Stock Exchange (NSE), the stock opened at Rs 370. A discount of Rs 10 on the offer price was offered to the retail individual bidders.

The initial public offer (IPO) of the defence company that concluded last week was subscribed 1.3 times. READ MORE

10:46 AM

BSE Midcap top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
UNION BANK (I)	86.85	94.70	-7.85	-8.29	1104653
REL. COMM.	22.20	23.85	-1.65	-6.92	3437900
S A I L	69.00	73.70	-4.70	-6.38	735610
JINDAL STEEL	212.15	224.75	-12.60	-5.61	389817
BANK OF INDIA	97.00	102.20	-5.20	-5.09	324269

10:30 AM

MUST READ Jim Rogers says global trade war making his bearish view even darker

Veteran investor Jim Rogers is already predicting the worst bear market for stocks in his lifetime. And that’s before you figure in a trade war. “The next bear market is going to be the worst in my lifetime — just because of the debt — but if we also have a trade war, it’s going to be worse than a disaster,” Rogers, the 75-year-old chairman of Rogers Holdings Inc, said in a Moscow interview. “I’m extremely concerned. I’ve read enough history and been through enough markets to know that trade wars are usually a disaster.” CLICK HERE FOR MORE

Jim Rogers

10:20 AM

SBI, Tata Motors, Bosch among 60 stocks from BSE500 index hit 52-week lows

Shares of State Bank of India (SBI), Tata Motors, Bharat Heavy Electricals (BHEL), Ambuja Cements, Bharat Electronics, Cadila Healthcare, Cummins India, Indian Oil Corporation, Lupin and Power Finance Corporation were among 60 stocks from the S&P BSE500 index hitting their respective 52-week lows on the BSE. READ MORE